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Copper Technical Outlook – ready to fall again?

November 11, 2013 30 sec read

Copper (11.11.2013) trading in very tight range form almost last 1 month.

Now copper is trading around $3.2450 & as we can see on charts , copper is not falling below the support trend line of the ascending channel which turn our focus on the next descending channel which maintaining a very strong resistance around $3.28. At the same time a day close & continue move below the 61.8% feb area also support the negativity in coming trading sessions.However some parallel support may delay the deeper fall.

On fundamental side, rising dollar, high chance of profit booking in equity market & decreasing demand from china may reduce the demand.
copper
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Based on above studies, we will prefer to sell copper for some downside targets around $3.20 & $3.18. Only a day close above $3.28 will force us to reanalyze the charts.